How To Pay Off My Mortgage Early

What if I Pay More Every Month?

See how your mortgage will be reduced, if you pay $$$ more every month.

Input Information

Loan Information
Amount :	($)
Interest Rate :	(%)
Length :	(Years)
Additional Payment
Additional Payment :	($)
Let Me Print That Form in PDF!
Show Schedule Table

Financial Analysis (Switch to Plain English)

	Standard	Additional Payment
Monthly Payment :	$1,342.05	$1,392.05
Total Monthly Payments :	$483,133.89	$461,835.60
Interest Savings :	$21,298.29
Length :	30 Yrs 0 Mts	27 Yrs 8 Mts
Time Saved :	2 Yrs 4 Mts

Plain English Analysis (Switch to Financial Analysis)

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month. If you take out a 30 year loan for $250,000.00 with a 5.000% interest rate, for example, your monthly payment (interest and principal only) will be $1,342.05. By the time the 30 year time period is complete, you will have paid $483,133.89 for your home. If you pay just $50.00 more each month, you will pay only $461,835.60 toward your home. This is a savings of $21,298.29. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payment.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.

We have many other Mortgage Calculators for you to use.

Make sure you register to receive my Free Homebuying Guide and Insider Mortgage Reports, browse my Resources section, fill-out a FREE No-Obligation Secure Online Loan Application, or call me in my Grass Valley, California office at 5302747575. I am here to help you with all your mortgage needs.